Should I take a third credit card or will my credi... - myFICO® Forums

An_educated_consumer · ‎11-20-2022

My TU score is 750 :-) EQ 737 and EX of 671 (why is it so much lower) I have a low credit age of 1 year, 4 months. My goal is to get to 780 on TU or above in the next six months so that I can buy a car on super-prime credit.
All payments are made on or before the due date; no balances otherwise, no late payments. I have two cards now, an Apple 5K and Capital One 1K. Utilization under 10%, it seems to hover around 2-6%
I'm approved for a Gold Amex. Should I take it? Will it damage my credit or improve it?

Starting FICO 580 June 2010
Current FICO 660-680
Goal 700+

cashorcharge · ‎11-20-2022

Adding another new account will cause you to take a score ding for the new account and it will lower your account aging. Adding a Charge Card to your existing line up will not get you to 780 in a matter of months. Keep up the good work on keeping your utilization low.

I suggest you pull all three credit reports from AnnualCreditReport and look for differences amongst the three. You either have a previous negative still lingering or your EX report has not updated with recent information and you'd be better served determining that issue

CreditCharmer · ‎11-20-2022

@An_educated_consumer wrote:
My TU score is 750 :-) EQ 737 and EX of 671 (why is it so much lower) I have a low credit age of 1 year, 4 months. My goal is to get to 780 on TU or above in the next six months so that I can buy a car on super-prime credit.
All payments are made on or before the due date; no balances otherwise, no late payments. I have two cards now, an Apple 5K and Capital One 1K. Utilization under 10%, it seems to hover around 2-6%
I'm approved for a Gold Amex. Should I take it? Will it damage my credit or improve it?

I tend to agree with @cashorcharge, order all three reports and highlight the discrepancies, differences and address any negatives. While all your score will always differ, there's a big difference between 671 and 750. Devote some time to those reports and you may see some movement. Good luck.

Credit is a lot like a Reputation....It takes 20 years to build it and five minutes to ruin it. If you think about that, and you will do things differently.

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SouthJamaica · ‎11-21-2022

@An_educated_consumer wrote:
My TU score is 750 :-) EQ 737 and EX of 671 (why is it so much lower) I have a low credit age of 1 year, 4 months. My goal is to get to 780 on TU or above in the next six months so that I can buy a car on super-prime credit.
All payments are made on or before the due date; no balances otherwise, no late payments. I have two cards now, an Apple 5K and Capital One 1K. Utilization under 10%, it seems to hover around 2-6%
I'm approved for a Gold Amex. Should I take it? Will it damage my credit or improve it?

1. A new Gold Amex card will hurt your credit a little.

2. No you should not add any accounts at this time.

3. You can enhance some of your scores a little by letting one of your 2 cards report a zero balance each month while the other card reports a small balance before you pay it off.